Michael and Lori Milken
Santa Monica, California
December 2010

Dear Warren, Bill and Melinda,

We’ve long embraced the principles of The Giving Pledge. Charity is something we learned at an early age, whether during grade school riding our bikes around the neighborhood collecting dimes and quarters for the United Way or later, participating in community service programs in high school. From the time we began formal philanthropic programs in the 1970s, we’ve made contributions at a rate that will assure distribution of the overwhelming majority of assets during our lifetimes. Our goal has been to discover and develop inventive and effective ways of helping people help themselves and those around them to lead productive and satisfying lives. We do that through our work in building human capital; in advancing education; in providing greater access to financial capital and markets; in medical research and public health; and in the arts.

We are committed to accelerating basic, translational and applied medical science; to seeking out, recognizing and rewarding exceptional educators and assisting promising students; to encouraging and supporting artistic creativity; and to strengthening public health with emphasis on prevention and wellness. The Milken Institute strives to drive job creation while promoting effective financial markets that foster entrepreneurship and economic growth. The challenges in all these areas have always been immediate, which made it clear to us that we should act immediately rather than defer our giving.

Charitable involvement has taught us many lessons:

• The kind of world in which our children and grandchildren reach their potential depends on the success of our efforts to provide opportunities for all children.
• Early funding of promising young talent generates more progress than handing out lifetime-achievement awards.
• The most effective programs create an environment that brings people in disparate organizations and disciplines together—industry, non-profits, academic and government representatives, for example—to accelerate the process of discovery.
• Philanthropy is far more than just writing checks. It takes an entrepreneurial approach that seeks out best practices and empowers people to change the world.

Philanthropists should begin the process of giving by asking what they care about passionately. Intensely felt core beliefs provide the motivation to stick with projects through successful completion.

Although it has been our privilege to be able to provide financial support for a wide range of programs, we believe it’s just as important to donate time and transfer knowledge, not just money. The effect of large gifts is magnified when the giver contributes skills. There’s no substitute for rolling up your sleeves and working with the people who can make a difference. They get the benefit of your participation and you gain a direct understanding of the real problems and potential solutions, which makes you a more informed giver.

Thank you for the opportunity to make this pledge.

Sincerely,